The Payments Association

JANUARY 31, 2025

As crypto reshapes finance, the FATF’s Travel Rule struggles to keep pacecan global regulators close the gap on illicit transactions? Unlike traditional banking, crypto transactions often involve pseudonymous addresses, decentralised platforms, and non-custodial wallets, making it far more difficult to enforce the Travel Rule.

Travel Rule 88

Travel Rule Wire Transfer Rules Compliance 88

PYMNTS

NOVEMBER 20, 2019

Travel Rule. Digital currency exchanges reportedly are not happy with this move, given that the guidance seems sure to lead to more expense on the part of those companies in making sure they comply with the new rules. At issue most of all is Recommendation 16 in the FAFT guidance, a so-called “travel rule.”

Travel Rule 49

Travel Rule Rules Digital Currency Cryptocurrency 49

Fintech News

FEBRUARY 27, 2024

Japan Japan, as a forerunner in the adoption of customised cryptocurrency regulations, rolled out both the Travel Rule and stablecoin regulations in June 2023. South Korea In June 2023, South Korea enacted the Virtual Asset User Protection Act, marking its inaugural comprehensive digital asset law.

APACS 132

APACS Regulations Stablecoins Cryptocurrency 132

Fintech News

JULY 17, 2024

These figures underscore the immense challenge facing regulators and law enforcement agencies in their efforts to curb illicit financial flows in the crypto space. The United Arab Emirates has amended Federal Decree-Law No. (20)

Money Laundering 108

Money Laundering Law Enforcement AML Non-Bank 108

Neopay

NOVEMBER 27, 2023

These ‘travel rule’ Guidelines specify the steps that Payment Service Providers (PSPs), Intermediary PSPs (IPSPs), crypto-asset service providers (CASPs) and Intermediary CASPs (ICASPs) should take to detect missing or incomplete information that accompanies a transfer of funds or crypto-assets.

Money Laundering 52

Money Laundering Consulting Finance Travel Rule 52

Neopay

MAY 7, 2024

Cryptoassets: adapting to digital innovations With the rising prominence of cryptoassets, the FCA proposes clearer guidelines for cryptoasset businesses to ensure compliance with anti-money laundering and counter-terrorist financing laws. This includes references to the travel rule and updates to sections on risk assessment and fraud.

Financial Crimes 52

Financial Crimes Crime Risk Assessment Money Laundering 52

Global Fintech & Digital Assets

JANUARY 8, 2024

Under existing Hong Kong laws, stablecoin arrangements could potentially fall within the definition of a “stored value facility” (SVF) under the Payment Systems and Stored Value Facilities Ordinance (PSSVFO) and be subject to applicable licensing requirements, depending on how the stablecoin arrangements are structured.

Stablecoins 59

Stablecoins Consulting Issuers Non-Bank 59